Online impulse purchases
TL;DR:
- Gen Z and Millennials spend 50% less time in a webshop on luxury purchases than five years ago
- On average it takes less than two minutes from browsing to buying, with an order value of 200 euros
- The average basket value has risen by more than 20% since 2017
- 84% of luxury fashion purchases are made on mobile
- Dsquared2, Parajumpers and Airforce land in the shopping cart fastest
How quickly do young people make impulse purchases of luxury fashion?
"Look, look, buy fast" seems to have become the motto of young people in the Netherlands. They're increasingly quick to buy luxury fashion and aren't put off by dropping hundreds of euros after an online visit of just a few minutes. This emerges from an analysis by Winkelstraat.nl of more than 700,000 transactions across over 300 stores and brands that sell via the online marketplace. Gen Z and Millennials spend on average 50 percent less time in a webshop before buying an expensive pair of sneakers or branded clothing than five years ago. On top of that, the average basket value has risen by more than 20% since 2017, which means young people in the Netherlands are spending money on expensive designer clothing ever more easily and don't dwell long on high outlays.
Two hundred euros in two minutes: which brands are the most popular?
Two hundred euros in two minutes. Enthusiasm for luxury brands among young people keeps growing. Two in three* young people in the Netherlands now regularly buy luxury fashion such as Balenciaga sneakers worth 750 euros. And with ease. The young generation seems to make impulsive luxury purchases and to skip comparison shopping in recent years. Because after they spot an expensive pair of sneakers or branded clothing online, it takes on average less than two minutes before they've bought it. On average they spend 200 euros once they've shopped. Which, by the way, happens several times a month. Popular clothing and sneakers that land in the online shopping cart fastest are: Dsquared2, Parajumpers and Airforce. On top of that, 84% of purchases are made on mobile.
Curious about the differences between cities? Read also how luxury fashion is king in big cities.
What does this mean for the luxury fashion market?
Joost van der Veer, CEO and co-founder of Winkelstraat.nl: "Millennials and Generation Z are driving the sales and growth of luxury brands, and that will continue to increase in the coming years. These results highlight the ease with which they quickly spend large amounts on a pair of limited-edition sneakers, a luxury bag or special jeans. This offers opportunities for existing designer brands and new labels."
Also check out the New Luxury Fashion Monitor for more figures on the buying behaviour of young people in the Netherlands.
Frequently asked questions about impulse purchases of luxury fashion
How much do young people spend on average per impulse purchase?
Young people in the Netherlands spend on average 200 euros when they buy luxury fashion online. This happens several times a month and the average basket value has risen by more than 20% since 2017. The threshold for expensive purchases has dropped sharply among Gen Z and Millennials.
Which luxury brands are most often bought on impulse?
Dsquared2, Parajumpers and Airforce are the brands that land in the online shopping cart fastest. Balenciaga sneakers worth 750 euros are also regularly bought on impulse. Two in three young people in the Netherlands now regularly buy luxury fashion.
How long does an average luxury fashion purchase take online?
After seeing a product, it takes on average less than two minutes before young people have completed the purchase. Gen Z and Millennials spend 50% less time in a webshop than five years ago. Moreover, 84% of these purchases are made on mobile.
